A business plan – is it worth the effort? One of the first questions anyone who starts a new business will hear is “Do you have a business plan?” If you ask business owners a couple of years after they started the business, when did they last look at the business plan, and if they did how close was the reality to the plan the answers you will most probably hear are “never” and “net very”, respectively. Having written and read dozens of business plans over the years I have found 3 reasons for this: 1. Business plans are usually written when there are big dreams but no business yet, and therefore there is very little information about the business and the market so they can’t be accurate. 2. They include 3–5-year forecasts. Even a business that is running for a long time cannot really forecast for such a long time, let alone a business that doesn’t even exist yet. 3. There is no execution element whatsoever. The plan says what the founders hope will happen, but it doesn’t say how to achieve it. So, a lot of time and effort (and sometimes money) is spent in writing plans that provide very little. The question is WHY? The main reason is that people don’t know any better. Business plans have been established as a must, and few people stop and ask if this is the right solution. Funnily enough, when I talk to experienced entrepreneurs, executives and business mentors, they all agree with me about their irrelevance, but this still goes on. I don’t claim that business plans have no merit. Writing them requires whoever wants to start a business to sit down and go through a thorough thought process so they can establish a proper case for setting it up. The main difficulty is to maintain objectivity. Unfortunately, I am yet to see anyone starting to write a business plan and saying after a while “Nah, this is never going to work”. Entrepreneurs are optimists by nature and will just write a plan that justifies whatever they set out to do… But even those that do a proper job and start a business may find that after a while it doesn’t work or stuck in a rut. And for lack of a better idea, they go back to writing a new business plan only to find that the new plan doesn’t work any better than the old one. There is an alternative, but this post is about highlighting the fallibility of business plans. Interested in learning more about how to get it right? DM me. #businessplans #entrepreneurs #sme #growth #strategy
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Visibility Expert, Speaker, Author, Business and Marketing Consultant - Helping businesses create groundbreaking results through visibility & brand marketing. Helping individuals build thought leadership and authority.
𝐇𝐨𝐰 𝐚 𝐁𝐮𝐬𝐢𝐧𝐞𝐬𝐬 𝐏𝐥𝐚𝐧 𝐚𝐧𝐝 𝐒𝐭𝐫𝐚𝐭𝐞𝐠𝐲 𝐁𝐞𝐧𝐞𝐟𝐢𝐭𝐬 𝐒𝐦𝐚𝐥𝐥 𝐁𝐮𝐬𝐢𝐧𝐞𝐬𝐬 ✨ Did you know that before starting a business you have to plan and outline an effective strategy? I know Writing a business plan can be overwhelming and stressful for even the most seasoned entrepreneur. However, you don't have to do it alone. 🎇 For aspiring entrepreneurs, a business plan answers essential questions such as the best business model, the business’s future path, and how the company will reach its goals. Formal business plans serve several purposes. Click the link below and learn more about the importance of a business plan. #womeninbusiness #womenthrivemagazine#womenthrivesummit#sucessbeliefs #womenempowerment
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How To Start Writing A Business Plan That Works! For the entrepreneur, knowing how to start writing a business plan can be as exhilarating as it is overwhelming. The business plan is a foundational document and the blueprint of your business and is critical for securing funding, setting clear goals, and communicating your vision to the world. Let’s explore the significance of a business plan, the essential elements it should include, and strategies to forge a plan that resonates with stakeholders and steers your business toward success. Whether you are about to launch your first business or need to revitalize an existing business strategy, a business plan provides the foundation that supports your entrepreneurial journey. #businessplan https://lnkd.in/ghAW6v42
How To Start Writing A Business Plan That Works
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In this post I offer detailed and practical advice, making it a valuable resource for first-time entrepreneurs.
A Beginners Step-by-Step Guide to Writing Your First Business Plan
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While not every business may need a formal business plan, having a clear roadmap for your business is still important. In short, a business plan is a valuable tool for any entrepreneur looking to build a successful business. #businessplan #entrepreneurship
Do You Really Need To Write A Business Plan?
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Entrepreneur Magazine provides 5 tips to ensure "you create a winning business plan and achieve lasting success." https://lnkd.in/g7HMrhD8
5 Things You Must Know and Do Before Writing a Business Plan | Entrepreneur
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The beginning of starting a business is an exciting opportunity for many individuals who are seeking a life of entrepreneurship. One of the most important steps in making sure you have all the tools you need for success starts with a well-thought-out business plan. This article from Forbes provides tips for creating a business plan that will identify your vision for the future. https://lnkd.in/dSt3RW8j
Why A Thoughtful Business Plan Is Essential For Success
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13 Books 📚 to Read If You Want to Start Your Own Business by AmReading 👇 1. PURPLE COW: TRANSFORM YOUR BUSINESS BY BEING REMARKABLE BY SETH GODIN 2. I DON’T WORK FRIDAYS: PROVEN STRATEGIES TO SCALE YOUR BUSINESS AND NOT BE A SLAVE TO IT BY Martin Norbury AND DANIEL PRIESTLEY (FOREWORD) 3. THE POWER OF BROKE BY DAYMOND JOHN AND DANIEL PAISNER 4. THE YOUNG ENTREPRENEUR’S GUIDE TO STARTING AND RUNNING A BUSINESS BY STEVE MARIOTTI 5. THE $100 STARTUP BY CHRIS GUILLEBEAU 6. START WITH WHY BY SIMON SINEK 7. THE LEAN STARTUP BY ERIC RIES 8. THE ENTREPRENEURIAL INSTINCT: HOW EVERYONE HAS THE INNATE ABILITY TO START A SUCCESSFUL SMALL BUSINESS BY MONICA MEHTA 9. THINK AND GROW RICH BY NAPOLEON HILL 10. 101 INTERNET BUSINESSES YOU CAN START FROM HOME BY SUSAN AND KARA SWEENEY 11. STARTING A BUSINESS ALL-IN-ONE FOR DUMMIES BY CONSUMER DUMMIES 12. DO COOL SH*T BY MIKI AGRAWAL 13. THE 10X RULE BY GRANT CARDONE Thanks for the inclusion – full list and review here>> https://lnkd.in/ejaD_4WG #amreading #books #businessbooks #mondaymotivation #readinglists #bookshelf #bookstagram #businessadvice #businessowners #bookrecommendations #entrepreneurs #reading #authors #summerreading #holidayreading
13 Books to Read If You Want to Start Your Own Business - AmReading
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I love fun facts. Here is my fun fact of the day; according to the Oklahoma Secretary of State, 362,364 small businesses in Oklahoma represent 99.4% of all private enterprises. For business buyers, there is a HUGE elephant in the room – THAT NO ONE IS TALKING ABOUT, BUT ME. Currently, I have listed 8 businesses for sale, 5 under contract at the time of this post. However, potential buyers face a significant challenge when approaching the business brokerage scene without a clear vision – the elusive nature of finding their dream business. The Buyer's Dilemma Numbers Game: With over 362,000 small businesses in Oklahoma, the 8 listings at Bockus Consulting represent a mere 0.000002% of the available opportunities. This numerical contrast highlights the challenge of catering to buyers without a clear vision. The vast diversity in industries, locations, and skill sets across the business landscape makes the likelihood of stumbling upon a buyer's dream business akin to finding a needle in a haystack. Buyers call and their first question – everyone asks, "What do you have for sale?" That is fine – but that is the wrong question. The Importance of Specificity: When potential buyers approach Bockus Consulting without a specific industry preference, geographical constraint, or defined skill set, the process of finding a suitable business becomes akin to searching for a proverbial needle in a haystack of needles. Tailoring Expectations: I always encourage buyers to narrow down their preferences helps streamline the search process and increases the likelihood of finding a business that aligns with their aspirations and capabilities. The Solution: For buyers aiming to enter the entrepreneurial arena, the path to success begins with identifying specific industries of interest, preferred geographic locations, and relevant skills that can significantly enhance the efficiency of the business brokerage process. We have solutions to find, target, and contact specific companies and industries within the pool of 362,000 off-market businesses. Bockus Consulting Business Brokerage strives to connect aspiring entrepreneurs with their dream ventures. However, the challenge arises when buyers enter the market with undefined parameters. By recognizing the importance of specificity and tailoring expectations, potential business owners can navigate the landscape more effectively, increasing their chances of finding the perfect business opportunity. What you don't know can be costly – we help eradicate uncertainty. You don't have to suffer alone. We can help. To talk to me about buying, selling, business valuations, and marketing services in Oklahoma – click the calendar link below for a quick chat: https://lnkd.in/gcnXPKa #buyabusiness #privateequity #venturecapital
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SME Business Plan: Your Blueprint for Success In the realm of entrepreneurship, the allure of starting a new business can be both thrilling and daunting. Amidst the excitement of bringing a new idea to life, it’s easy to overlook one crucial element: a business plan. This foundational document isn’t just a formality; it’s a strategic tool that can significantly enhance your chances of success. Here’s why you need a business plan and how it serves as your blueprint for achieving business goals. https://lnkd.in/gGgKQKUS
Why You Need a Business Plan For Your SME | point-one.uk
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Why the 'Custom' Business Plan. In our experience, most company documentation has been done out of necessity or compliance and not out of understanding. We believe it is critical to gain an understanding of this crucial document and revisit it it need be. If you don't have one yet, it is worthwhile to invest in drawing it up properly and not as a by the way. Here are a few reasons why: 1. A business plan is your GPS. Starting a new business is so much like traveling unknown terrain, and it's easier and worthwhile when the destination is known. Imagine getting lost when you don't even know where you are going. When you hit a snag, your plan will tell you where you are headed and help in crafting how to navigate out of the snag. 2. Helps to maintain focus This is one of the things that will separate a side hustle from a business. In our economy, it's so easy to get distracted by 'things that make you money' or zvinoitisa mari in our vernacular. Having a plan will help you to maintain focus and remove any distractions along the way. 3. Source of motivation A well written business plan brings the future into the present and makes the vision clear. It should capture key milestones in your business journey. When it all seems difficult as it will definitely be, going back to your written down vision will propel you to pursue it because the outcome is clear and worthwhile. 4. Your unique identifier. Crafting a business plan involves an investment into research and development into the intended business. Whilst you may open a business similar to so many others, your business plan will detail your unique offerings. Investing in preparing a business plan is investing in opening your mind to a world of limitless possibilities in which you can differentiate yourself from the rest. 5. Makes it easier to access funding. This is one of the reasons that has resulted in the drafting of overnight business plans. Funders do not require a business plan for the sake of ticking boxes, but this is the document that sells your vision to them. If the vision is not clear enough on paper, forget the funding. Forget ticking boxes for compliance, ensure your success by making the picture of success clear from the onset. #businessplan #entrepreneurship #strategy
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Co-CEO of BDR Group and Director at Synoia Technologies | Technical Specialist | Supply Chain Expert
4moStart with an idea, don't get overwhelmed by a business plan